The BLS revisions show a loss of 105,000 jobs in October and a gain of 64,000 in November, but underlying metrics reveal five worrying trends. Since May, job growth slowed from an average of about 122,000 monthly to roughly 32,000, with three months of net losses — a pattern unseen since 2020. Black workers and teens have seen disproportionately large unemployment increases, and almost all private-sector gains were concentrated in health care and social services while manufacturing and business services declined.
Revised Jobs Report: Five Troubling Trends Point to a Weakening U.S. Labor Market
A worker uses an arc welder at the Metal Manufacturing Co. facility in Sacramento, Calif. More than 60,000 manufacturing jobs have been eliminated so far this year. (David Paul Morris / Bloomberg via Getty Images file)
The Bureau of Labor Statistics' revised payroll figures show the U.S. lost 105,000 jobs in October and added 64,000 in November, but a deeper look reveals five concerning trends that could presage broader weakness in the labor market.
What The Revisions Reveal
The headline revisions mask structural shifts. Job creation was reasonably steady early in 2025 but has slowed sharply since May. From January through April, payrolls grew by about 122,000 jobs per month on average. From May through November, monthly gains averaged roughly 32,000 — about one-quarter of the early-year pace. Since May, payrolls rose in four months and fell in three, a pattern not seen outside the pandemic-era losses of 2020.
1. Growth Has Slowed Markedly
Monthly employment figures fluctuate, but the sustained slowdown since May is notable. A sharper slowdown in hiring reduces labor-market resilience, making the economy more vulnerable to shocks and reducing scope for wage-driven inflation.
2. Black Workers Are Bearing Disproportionate Job Losses
The unemployment rate for Black workers rose from 6.0% in May (a year low) to 8.3% in November, increasing the gap with the national rate to 3.7 percentage points. Between May and November, Black unemployment climbed by 2.3 percentage points, while the overall U.S. unemployment rate rose only about 0.4 points. These disparities suggest the slowdown is hitting some groups much harder than others.
3. Hiring Is Highly Concentrated In Health Care And Social Services
Detailed BLS data show nearly all recent private-sector job gains were in health care and social services. In November, growth was driven by home health aides, nursing-home staffing, and individual-and-family services (which include elderly and disability care). Economists at Sage Economics and analysts at JPMorgan Chase called this concentration “concerning,” because it leaves the broader private sector fragile if those demand conditions change.
4. Manufacturing And White-Collar Services Are Weak
Outside government employment (which recorded the largest sectoral decline), the largest year-to-date losses included an 80,000-job drop in business services and a 63,000 decline in manufacturing, per Sage Economics. Those manufacturing losses come despite administration promises to revive domestic manufacturing. Meanwhile, cuts in white-collar roles have accelerated alongside rapid adoption of automation and artificial intelligence.
5. Teen Unemployment Has Spiked
Teen unemployment climbed to 16.3% in November, up from 13.2% in September — the highest teen jobless rate since August 2020. Higher teen unemployment can signal softer entry-level hiring and weaken income pathways for younger workers.
What To Watch Next
Analysts warn that concentrated hiring and uneven job losses raise the risk that headline employment gains could disappear quickly if demand shifts. Goldman Sachs has estimated that broad AI adoption could displace 6–7% of the U.S. workforce, a cautionary note for white-collar sectors already shedding jobs. Policymakers and employers will be watching upcoming BLS releases for whether these trends continue or reverse.
Bottom line: Revised BLS data show recent job growth is slower, more uneven, and more narrowly concentrated than headlines suggest — raising questions about the durability and inclusiveness of the current recovery.
